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Asking Price$350,000
Revenue$600,000 Established1955
Cash Flow$100,000 Employees10 full-time
FF&E$275,000* FranchiseNo
Inventory$3,000 RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
This Family Style Restaurant business located in Middlesex County, New Jersey consists of 8,000 square feet with various rooms for different venues and located on two beautiful acres of property. The owner is retiring from this highly successful restaurant lounge with a separate banquet room after forty years of success at this business location. The business has an old world attractive setting with additional outdoor seating. The facility includes a huge bar with a seating capacity for forty customers, two separate additional rooms with a seating capacity for 225 patrons with various functions including in house catering. The consumption liquor has an actual value of $250,000 and is included in transaction. The business has entertainment approval and over the past years has hosted well known musical groups with substantial success. The present owner, who also owns the property has retired due to illness, will finance the sale to a qualified buyer and supply an option to purchase the real estate. The business has had a long history of producing a dependable income which can be further developed with on site management and a marketing system. The business has a high capacity commercial kitchen, refrigeration & freezers, liquor license and various equipment required to function in this service industry. The building square footage is 6,000 on the main floor and full basement. The site has parking for 150 vehicles as part of the lease agreement. The business is operational seven days weekly, Monday thru Sunday with hours from 11:00 am to 2:00 am. A valuable consumption liquor license and entertainment approval is included in this transaction. The seller has elected to sell / lease the business and supply an option to purchase of the property and liquor license. The seller will provide a new long term lease with a monthly rent of $5,000 triple net. This retail business has ten employees who have been at the business for years, require a job and fully expected to remain post closing. Based on the asking price, required down payment and net income this business should supply a 20% return to the owner operator prior to debt service. 2014 yearly gross income of $600,000 and a yearly net income $100,000. The asking price is $350,000 which is based on the value of the assets and multiple of the net yearly income. Additionally property is available based on fair market value. Employees are unaware of the pending sale, all viewing by appointment.
Facilities:The facility consists of eight thousand (8,000) square feet, seating capacity for 270, with a large dinning room, a separate lounge bar area, private banquet room, a professional kitchen and full basement. The restaurant is on a beautiful two acre site conveniently located on a county road of Middlesex County, New Jersey.
Competition:No other similar competitors exist close to this particular business facility and the seller will supply a non compete agreement to the purchaser.
Growth Potential:The present owner is absentee and the business requires management, a marketing plan and internet presence.
Training/Support:Seller will supply training and remain post closing to assist the buyers.
Seller Financing:Seller financing is available to qualified buyers.
Sale Reason:Retiring after many successful years.
Ad #74740
Seller Reference #REST377
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Contact This Seller
Ron Cervelli
Regal Consulting Corp.
973-837-0808
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